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LequteMan
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A new policy implemented by the Central Bank of Nigeria is set to release N771 bn into the country's economy.
According to Vanguard, the decision of the apex bank to effect a 5.0 per cent cut in Cash Reserve Ratio, CRR, a total of N771.4 billion would be released to the banking system for commercial lending to the real sector. The CRR was reduced to 20 per cent from 25 per cent.
This along with the other complementary rate cuts have been considered by financial analysts as the most significant amongst the several decisions of the CBN’s Monetary Policy Committtee, MPC since this year.
The policy complements include the reduction in Monetary Policy Rate, MPR, to 11 per cent from 13 per cent while asymmetric corridor around the MPR at plus 200 bases points and minus 700 bases points was also introduced bringing the Standing Lending Facility, SLF, and Standing Deposit Facility,SDF, rates to 13.0 per cent and 4.0 per cent from 15.0 per cent and 11.0 per cent respectively.
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According to Vanguard, the decision of the apex bank to effect a 5.0 per cent cut in Cash Reserve Ratio, CRR, a total of N771.4 billion would be released to the banking system for commercial lending to the real sector. The CRR was reduced to 20 per cent from 25 per cent.
This along with the other complementary rate cuts have been considered by financial analysts as the most significant amongst the several decisions of the CBN’s Monetary Policy Committtee, MPC since this year.
The policy complements include the reduction in Monetary Policy Rate, MPR, to 11 per cent from 13 per cent while asymmetric corridor around the MPR at plus 200 bases points and minus 700 bases points was also introduced bringing the Standing Lending Facility, SLF, and Standing Deposit Facility,SDF, rates to 13.0 per cent and 4.0 per cent from 15.0 per cent and 11.0 per cent respectively.
click here to read full story
